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DrumBeat: May 22, 2008

Posted on May 22, 2008

Now for some wise words from the readers of The Oil Drum...Oil surpasses $135 on new supply concernsOil prices rose above $135 a barrel for the first time Thursday, with supply worries, global demand and an ever weakening U.S. dollar driving crude futures up. The world s top energy watchdog is preparing a sharp downward revision of its oil-supply forecast, according to a report in The Wall Street Journal.[break]Petrobras Reports New Oil Accumulation Discovered in the Santos Basin Pre-Salt LayerPetrobras announces that the consortium formed by Petrobras (66% - block BM-S-8 operator), with the...

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crude , gas , oil , oil futures